Enjin Coin Technical Analysis:  ENJ Price Testing Crucial Levels, Will it Make it or Break it?

Key Takeaways

• The EnjinCoin(ENJ) price closed the previous day’s trade at $1.53 with a market capitalization of $1.33 billion and a circulating supply of 872,224,705.57 ENJ.
• The price is currently testing the crucial resistance levels, where-in bears are attempting to restrict the price below
• Yet the possibilities of the price maintaining a substantial uptrend surface which may end up in a 6% to 10% jump to clear these pivotal levels at the earliest

Enjin Coin (ENJ) Technical-Analysis for Today: 24 March 2022

Enjin Coin began with the present day’s trade on a huge bullish note and surged by more than 8% to test the initial resistance at $1.66. However, the price experienced a pullback yet appears to have managed to stand strong above $1.62. The price is currently igniting a flip to re-install a bullish trend towards the same levels. 

After a huge spike and a minor correction, the ENJ price displayed the possibility of a notable uptrend which may not only rise above $1.66 but may test $1.7 levels too. Currently, due to exhaustion the pace may have been lowered but could intensify as the daily close approaches ahead. 

Additional Read: Decentraland MANA vs Enjin Coin

Enjin Coin (ENJ) Technical Analysis at a Glance

The ENJ price seemed to be extremely bullish with the beginning of the present month’s trade. However, the asset witnessed a steep drop within the first few days of March. Further, the asset underwent huge parabolic recovery after bottoming hard at around $1.3. Currently, the asset yet again faced rejection at the pivotal resistance. But very soon the asset could continue with the uptrend to surpass these levels. 

Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Oscillators

The ENJ price in the short-term is extremely bullish while many indicators are pointing towards a huge ‘BUY’ signal. While RSI and CCI are extremely bullish, MACD also displays a mounting buying volume. However, the volatility rate is pretty high and the only indicator displaying a bearish trend is the Ultimate Oscillator which may indicate a beginning of a new bearish trend ahead. 

On the other hand, the long-term forecast is somewhat bearish too. But some indicators showcase a possibility of a pullback. Like the MACD as selling volume mounts, the Stochastic Oscillator is neutral. However, the asset is less volatile in HTF and hence a steady and stable rally towards the north may be expected.

Additional Read: Daily Crypto News 24 March, 2022

ENJ /USDT Technical-Analysis for Short-Term

Source: Tradingview

• After undergoing a parabolic recovery, the ENJ price ranged high by more than 8% and further underwent a minor pullback.
• Hence forming a bullish flag, the asset still possesses a possibility of pulling a notable leg up beyond the pivotal resistance levels.
• Once the asset clears the $1.7 levels, then a substantial uptrend could uplift the price above $2.
• Or in case the bears take back the control, then the asset could continue to hover around these levels avoiding plunging to the lower support.

ENJ/USDT Technical Analysis for Long-Term

Source: Tradingview

• The price ever since smashed its highs close to $4.5, ignited a notable descending trend. 
• However, the asset since the past month appears to have undergone a substantial uptrend but parabolically and hence the possibility of a Cup n handle emerges.
• No doubt it is pretty early to determine the pattern as the asset is yet to complete with the Cup, but larger possibilities of the parabolic curve to hit the neckline emerges.
• Once the asset smashes $2.13 resistance levels a minor pullback may be expected forming the handle, which may further ignite a strong uptrend close to $3 with a flip.

Where & How to Buy Enjin Coin (ENJ)

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

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